https://www.taxtmi.com/caselaws?id=296458 The Tribunal held that the initiation of penalty proceedings under Section 271(1)(c) of the Income Tax Act was legally untenable as the Assessing Officer did not record satisfaction or initiate the penalty in the assessment order. The Tribunal quashed the penalty order under Section 271(1)(c), dismissing the revenue's appeal and upholding the Cross Objection of the assessee. en-us Wed, 23 Jan 2019 00:00:00 +0530 Wed, 21 Jul 2021 21:24:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=296458 The Tribunal held that the initiation of penalty proceedings under Section 271(1)(c) of the Income Tax Act was legally untenable as the Assessing Officer did not record satisfaction or initiate the penalty in the assessment order. The Tribunal quashed the penalty order under Section 271(1)(c), dismissing the revenue's appeal and upholding the Cross Objection of the assessee. Case-Laws Income Tax Wed, 23 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=296458